Leadership lessons from Katlego Maphai, CEO of Yoco

When Katlego Maphai announced that he was stepping down as the CEO of Yoco I was shocked and wondered why and also reflected on lessons from this great founder within the South African startup ecosystem.

In a LinkedIn post he said:“Just over ten years ago, three friends and I set out with a simple idea: to make card payments accessible to small businesses in South Africa and beyond. We challenged the old way of doing things, leveraging technology and innovation to cut through bureaucracy, and built a platform that has become ubiquitous.

"Today, Yoco is a household name in South Africa, serving over 200 000 businesses and processing billions in payments each year. But beyond the numbers, what I’m most proud of is that we sparked a movement: showing that small businesses are not just part of the economy, they are the economy.

"After a decade at the helm, I’ve made the deeply personal decision to step down as CEO of Yoco. This was not an easy choice, but after taking some time, it became clear that the skills and energy needed to start and build a company are not always the same as those required to scale it to the next level. This is not goodbye. Yoco is part of me. I will remain engaged as a founder, working on longer-term, strategic topics that strengthen our impact. But it is time for new leadership at the helm.

"Taking the reins as co-CEOs are my fellow founders, Lungisa Matshoba and Bradley Wattrus. Lungisa will lead innovation and product growth, while Bradley will focus ongovernance and scalability. Carl Wazen will continue to lead go-to-market and commercial operations. This founder-led transition ensures continuity while alsoempowering a new generation of leadership within Yoco.

"Stepping back has given me a chance to reflect. The journey has been extraordinary, full of highs and lows, resilience, and growth. I’m proud of the legacy we’ve built: a brand entrepreneurs believe in, a platform that empowers them, and a team of nearly 400 people dedicated to this mission. For me, this transition is about creating space to refocus and continue contributing inways that leverage my strengths as a founder and builder. As I reflect on this milestone, one truth stands out: entrepreneurs are the lifeblood ofour economy. That conviction has always been at the core of Yoco, and it’s what will keep pushing us forward.

"To our merchants, partners, team, and community: thank you. You’ve trusted us,challenged us, and inspired us. The next chapter for Yoco is about scaling our impact and deepening our role as the home of entrepreneurs in Africa.To my dear family, friends and mentors, thank you for the unwavering support during this demanding journey. I will be eternally grateful for the care and love you haveshown me. I’m excited for this next chapter and what lies ahead for Yoco.Thank you”

This post reveals many lessons and possibly where Yoco could go.I’ve observed Maphai’s leadership with great admiration. Here’s what we can learn from his leadership style and where I think the company is headed: Collective Leadership.

A few years ago I made a decision to put Yoco on the cover of FastCompany (SA) magazine. I strongly believed that the Yoco team under Katlego’s leadership had done something many startups had failed to do. They built a company that married hardware andsoftware, a strategy that worked well in a country that still believed in touching technology as opposed to just using it behind the screens. In the process of planning for this cover after the Yoco team agreed to go ahead I was surprised to learn that Katlego did not want to be on the cover. Instead he wanted all co-founders of the company to be on cover. In a world of CEO’s who prioritise self promotion this was truly inspiring.

This young tech leader understood the importance of developing a core leadership team. It’s an important lesson for many tech startup CEO’s today who believe they alone can lead. Katlego paved the way for Lungisa Matshoba and Bradley Wattrus to become Co-CEO’s. His collective leadership style has prepared Matshoba (formerly, Chief Technoloy Officer) and Wattrus (formerly, Chief Financial Officer) to take on the role of leading the company. “Lungisa will lead innovation and product growth, while Bradley will focus on governance and scalability” said Maphai as he was announcing the leadership transition on LinkedIN.

Diversity

The second lesson is about diversity. When Yoco emerged it was rare to find great leadership other communities within the startup ecosystem. We were used to only getting a CEO from only one side of society. Katlego did not only prove that it’s possible for a African person to successfully lead a technology company he formed a diverse group of leadership.The entire Yoco is made up of people from all sectors of society in South Africa. That level of diversity within a South African technology startup is rare. It’s probably one of the single reason why Yoco has been so successful at serving all. Recently, I had an opportunity of touring their new office premises in Cape Town at a building that is also powered by the Workshop17. It was clear that Yoco had a built a strong culture that leads to productivity.

In this company there’s people from all backgrounds. You see diversity in their product range and the communities they serve. I could finally understand why my colleagues in New York, FastCompany headquarters, had once chosen Yoco as one of the companies chosen by Innovators to work in. The Yoco leadership has demonstrated what many ought to emulate in the South African tech ecosystem.

Katlego concluded by saying, “I’m excited for this next chapter and what lies ahead for Yoco”. I can’t wait to find out about the next chapter and what lies ahead for Yoco. All the signs point to the listing on the Johannesburg Stock Exchange or something major. Whatever it is, I hope the Yoco leadership will continue to inspire innovators in South Africa and beyond.

Wesley Diphoko is Technology Analyst and the Editor-In-Chief of FastCompany(SA) magazine.

*** The views expressed here do not necessarily represent those of Independent Media or IOL.

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